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- A historical Bitcoin on-chain signal hints that the price may soar by 90% soon.
- There are different projections for Bitcoin price top this season, up to $200,000.
Onchain data analytical platform CryptoQuant has flagged a key Bitcoin (BTC) metric that suggests a potential 90% rally for the leading cryptocurrency. This analysis comes amid an ongoing surge in the market, with BTC trading steadily at the $91,000 range.
The Bitcoin Puell Multiple Show Golden Cross
CryptoQuant’s analyst Burakkesmeci revealed in a Quicktake post that a rare golden cross has appeared for Bitcoin’s Puell Multiple. According to the analyst, this behavior usually occurs before major price surges, indicating a bullish rally ahead for BTC.
The Puell Multiple analyzes the relationship between mining revenues and market movements. This metric is calculated as the ratio of the daily value of newly issued Bitcoin (in USD) to its 365-day moving average. Comparing miners’ short-term revenues with long-term averages provides meaningful insights into mining profitability.
Burakkesmeci noted that the Bitcoin Puell Multiple has crossed its 365-day moving average three times over the past five years. On each occasion, BTC initiated a major rally in the succeeding weeks. In March 2019, an 83% surge followed a Puell golden cross. Similarly, January 2020 saw a 113% increase, while the most recent cross in January 2024 provided 76% returns.
Interpreting the data, the CryptoQuant analyst said an average increase of about 90% in Bitcoin’s price has historically followed after Puell settles above its SMA365. The analyst believes favorable macroeconomic conditions like the ongoing rate cut cycle boost the odds of an “inevitable” Bitcoin rally.
A 90% rally at the current market price will see Bitcoin reaching approximately $173,000. BTC trades at $91,679 as of this writing, demonstrating a 0.5% increase in the last 24 hours. The 24-hour trading volume inked a 21.6% increase to $73.10 billion, indicating continued investor interest.
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Other Experts’ Opinion Bitcoin Price
So far, BTC has seen an over 40% gain in Q4 2024. Still, several analysts think Bitcoin’s most intense rally lies ahead. The market’s “parabolic phase” has begun, and it is expected to endure about 300 days before a new macro peak emerges. Locally, anticipation of Bitcoin reaching six figures is on the rise for the first time in history.
However, there are heightened concerns that retail “FOMO” would cause a large price correction. “Lots of people about to become intimately familiar with the phrase, Fear of Missing Out (FOMO), on this Bitcoin cycle,” Preston Pysh, co-founder of The Investor’s Podcast noted in an X post.
Nonetheless, Pysh noted that Bitcoin will rally over $125,000 this cycle. He said this when asked by a commenter what he thinks about those who claim Bitcoin’s maximum level this cycle is at $125,000.
In a more bullish forecast, Bernstein analysts predict a $200,000 target for Bitcoin by the end of 2025. CNF reported that the prediction is fueled by increased institutional interest, Bitcoin ETFs, and Trump’s crypto-friendly policies.
Meanwhile, major corporations like MicroStrategy and Metaplanet continue accumulating Bitcoin at the $90,000 price range. A recent CNF report noted that MicroStrategy revealed intentions to raise $1.75 billion through convertible notes to expand its BTC holdings.
